While not directly aimed at Beijing, the review is part of a Biden administration plan to strengthen US competitiveness against economic threats from China, the world’s second-largest economy.
The move comes as Prime Minister Scott Morrison stressed the importance of the World Trade Organisation (WTO) and fair, regulated world trade.
Australian exports – including wine, coal, and barley – have been hit with Chinese trade sanctions over the past year.
Mr Morrison will seek agreement from western allies to toughen institutions such as the WTO at the upcoming G7 summit.
In announcing the US review, officials said the Biden administration wanted to get ahead of crises such as the computer chip shortage that has hurt car manufacturers this year.
“Our approach to supply chain resilience needs to look forward to emerging threats from cybersecurity to climate issues,” Sameera Fazili, a deputy director of the White House National Economic Council, said. “And so we are future-proofing.”
A shortage of raw materials has made it harder for the US economy to recover from the pandemic-induced recession. The supply bottleneck has helped fuel a bout of inflation that the Biden administration believes will be temporary.
The new task force will be led by the secretaries of commerce, agriculture and transportation to focus on parts of the economy where there is a mismatch between supply and demand.
Besides the task force, the Biden administration will take other steps to bolster supply chains, including an investigation to target foreign competitors with unfair practices that have eroded supply chains.
Mr Biden has pledged China will not exceed the US as a world leader on his watch.
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